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T. Rowe Price profit falls 8.7%

T. Rowe Price Group Inc. said its third-quarter earnings fell 8.7%, mostly on higher operating expenses, while market volatility dented its assets under management.

The Baltimore-based asset-management company's results missed analysts' expectations.

"The most impactful news of the recent quarter has been the first U.S. equities market correction in nearly four years, reached during the lows of late August," Chief Executive James A.C. Kennedy said. "The decline in...